Many businesses focus on customer acquisition strategies to raise their profits. However, customer retention often leads to a higher return on investment (ROI). It costs businesses five times more to acquire a new customer than keep an existing one. When your organization develops methods to increase customer retention, you grow a loyal customer base that positively spreads the word about your company and yields a better bottom line.
Stay ahead with customer value thinking.
Customer Value Management (5):
Traditional sales and marketing are becoming obsolete. What a bold statement! It is not one of mine. It is a statement borrowed from the latest blog on HBR.org . With the disappearing sales process and the digitalization of go-to-market activities, there is a new reality as follows:
The impact of digitalization on the sales function feels like an earthquake. Just look at the number of available software solutions and apps available to enable the sales process. The overarching goals of all these solutions is to further commercial intelligence and boost sales outcome. So let us start with the definition of what commercial intelligence is. Wikipedia is my go-to source for that!
There’s a tendency to think that value selling ends once you’ve won the sale. But that is far from the truth. The role value plays after winning a customer is just as important as the steps that come before it. When prospects sign the contract, it’s really just the beginning of your relationship. The real measure of value begins after implementation and with every interaction thereafter.
Customer service is the number one priority for most businesses. Maintaining a positive customer experience can be especially challenging in the world we live and operate within today. With the influential impact of The Great Resignation in the past 6+ months, companies losing employees has had an overall impact on improving and/or paying more attention to their customer service methods, which is a big part of operating a successful organization. Employees have realized the trend and new age of what it means to be more flexible and more fulfilled in all aspects in their lives, their work...
Chief Revenue Officers (CROs) and their organizations are facing more pressure than ever. With staffing challenges nationwide, today’s leaders need strategies that distinguish their sales and customer success teams as both contributors to the company’s overarching goals and as a great group to be a part of. While the bottom-line impact of value selling is undeniable, humans are not always receptive to change. So how do you get your team to adapt and embrace the potential of value selling? Give them powerful ways to win fast in the 2022 selling cycle.